SSIF, Amman Vision Company sign MoU to explore investment opportunities in real estate development

AMMAN —  Social Security Investment Fund (SSIF) CEO Kholoud Saqqaf and Mayor of Amman/Chairman of Amman Vision Investment & Development (AVID) Yousef Shawarbeh have signed a memorandum of understanding (MoU) to explore investment opportunities in real estate development and other vital sectors in Amman. 

According to Shawarbeh, this MoU will reinforce the partnership concept that AVID seeks to achieve, especially with the SSIF, the largest strategic investor in the Kingdom, a statement made available to The Jordan Times said on Sunday. 

The mayor added that the MoU will enable AVID to pursue its role as the main developer of land and investment licenses owned by the Greater Amman Municipality (GAM), and to market the potential investment opportunities that will eventually provide Amman with a "high level of diversified services" that will contribute to the city’s development. 

According to Saqqaf, the MoU reflects one of the SSIF’s strategic goals to invest in feasible projects in real estate development and infrastructure through partnerships with local institutions and the private sector. 

These partnerships will help increase the value of SSIF’s portfolio, stimulate economic activity in the Kingdom and achieve sustainable development, the statement said.

The SSIF will study investment in several projects, the most prominent of which are establishing a convention centre, a new slaughterhouse and medical complexes.

Saqqaf emphasised that the SSIF will "only invest in projects that are proven to be economically feasible based on the results of technical, financial and legal environmental analyses".

The fund is also studying a number of investment opportunities that aim to maximise the value of the fund's real estate portfolio, promote the infrastructure landscape and provide various services to the public, she said.

AVID CEO Hamzeh Haj Hassan said that company is currently developing various opportunities for investing assets to meet the diverse needs of citizens and the prospects of investors through partnerships between the public and private sectors, the statement said. 

According to Haj Hassan, AVID’s strategic partnership with SSIF will attract investors to “look thoroughly” into the company’s investment opportunities and also provide the necessary financing for those projects. 

AVID is in the final stages of concluding the feasibility studies for seven investment opportunities that were announced earlier this year, and will be announcing a number of new opportunities in August, the statement concluded.